S&P gives Kinder Morgan Canada preferreds BB+

S&P said it assigned a BB+ (P-3 (High) Canadian national scale preferred share rating) issue-level rating to Kinder Morgan Canada Ltd.'s cumulative redeemable five-year minimum-rate reset first preferred shares, series 3.

Proceeds will be used to partly finance the development and construction of the Trans Mountain expansion project and the Base Line Terminal project and other organic growth projects, to repay amounts outstanding under its credit facilities, and for general corporate purposes.

The corporate credit rating is BBB, and the outlook is stable.

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